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proceeds of the taxes levied in this resolution and all other <br />moneys received for or appropriated to the payment of principal <br />and interest. <br />5. There is hereby created the equipment account in <br />the general fund. Into this account shall be paid the proceeds <br />of the sale of the certificate authorized by this resolution and <br />from this account shall be paid all expenses incurred for the <br />purchase of equipment to be financed by such proceeds. If any <br />moneys remain in this account after all such expenses have been <br />paid, the surplus shall be transferred to the debt service fund <br />created in paragraph 4 of this resolution. <br />6. For the prompt and full payment of the principal <br />and interest on this certificate of indebtedness when due, the <br />full faith, credit, and taxing powers of the City 4re hereby <br />irrevocably pledged. To provide moneys for such payment, there <br />is hereby levied upon all the taxable property in the City a <br />direct, annual, irrepealable, ad valorem tax which shall be <br />spread upon the tax rolls and collected with and as a part of <br />the other general property taxes in the City in the years and <br />amounts as follows: <br />Year Tax Levy <br />1988 $ 87,428.25 <br />Such tax levy shall be irrepealable until all of the principal <br />and interest on the certificate is paid. The Treasurer is <br />directed to certify to the County Auditor of Anoka County on or <br />• before October 10 in each year the amount on hand and available <br />from any source and which has been appropriated to the sinking <br />-6- <br />